This is an excerpt from the recent CDO Magazine report, ‘Third-Party Master Data: A Critical Ingredient to Digital Transformations’ report. To access the full report, click here.
As the needs of organizations continually evolve, so is there an increasing reliance on data-driven decision making. Multiple factors in today’s environment are contributing to a need for faster decisioning but the challenge lies with how companies sort through all the data at their disposal at any given time to successfully harness its power. In addition, recent market trends exacerbated by the worldwide pandemic – like digital transformation, expanding risks, and higher expectations of ‘experience’ from customers and employees alike – have also underscored the need for integrated data processes converging on a single source of truth, all of which a Master Data Management (MDM) program is designed to help address.
Even as there is a growing consensus that such programs are beneficial (even critical), implementing and maintaining an effective MDM program can be a gargantuan task in practice. Organizations are often grappling with several disparate data input streams across multiple different systems. To mitigate some of these challenges, there is an increasing trend towards reliance on third-party trusted partners to help resolve data basics.
Third-party data providers are helping organizations resolve master data basics (e.g. firmographics, financials, hierarchies) so time and resource can be appropriately repurposed to focus on resolving internal master data attributes that are by definition, unique and subjective to the business. Third-party data can also significantly streamline the ongoing maintenance of master data basics contributing to the sustained quality of that data, thereby ensuring success of the program through continued confidence in its business benefits.
A successful MDM program can have innumerable business benefits including enabling a customer 360 view, streamlining supplier/ vendor decisioning, and more efficient compliance and regulatory screening, ultimately minimizing costs and risks to the organization while also maximizing business agility. Third-party data can help ensure the success of the MDM program – both at the start and also as part of its ongoing maintenance.
Find out more about how Orbis can help enterprises master data management journey to drive growth, create synergies, and improve customer experience.